Operating profit in the quarter surged sixfold to $14 million from $2.3 million the previous year, due to contributions from the Malaysia properties as well as a gain on disposal of Wing Tai’s Hua Hai project in Shanghai.
SINGAPORE (Oct 23): Property group Wing Tai Holdings saw its 1Q earnings ended Sept rise nearly eightfold to $8.2 million from $1.1 million a year ago, on the back of disposal gains and higher contributions from overseas associates.
Revenue for the quarter was down 4% at $67.1 million compared to $70.2 million a year ago, with the bulk of revenue mainly attributable to additional units sold in Le Nouvel Ardmore in Singapore as well as Le Nouvel KLCC and Verticas Residences in Malaysia.
